# 




THE 



PRESENT STATE 



O F 



MARYLAND. 



BY THE 



DELEGATES of the PEOPLE. 



BALTIMORE PRINTED 

LONDON REPRINTED; 

TOR JOHN STOCK DALE, OPPOSITE BURLINGTON HOUSE, 
PICCADILLY. 

M DCC LXXXVII. ' 



[Price One Shilling.] 



M 3^ 5 



TO THE 



PEOPLE 



O F 



MAR YLAND, 



w 



E, your immediate representatives in the 
general affembly, think ourfelves refponfi- 
ble to you for our conducl, and that on all fubjedts 
that materially concern your welfare or nappinefs, 
you are to be confultedj and your opinions, freely 
and fairly delivered, ought to govern our delibera- 
tions. 

We alfo hold both branches of your legiflature 
bound by your inftrudions, whenever you pleafe 
to give them 5 on a diverfity in fentiment between 
us and the fenate, you alone are to decide, and to 
you only can there be any appeal. 

We wilh you to be truly informed of the fituatioa 
of your affairs, and however critical or dangerous, 
we have a confidence in your virtue, fortituae and 
pcrfeverance, and that you will never defpair of the 
A 2 : Public 



[ 4 ] 

public fafety. Duty and inclination, and a defire 
to receive your approbation of our conduct, induce, 
us to communicate to you the real date of your 
government at this time, and the meafures propofe-j 
by us to afford the beft relief, we conceive, in your 
power to give. 

We fhall not enter into the detail, but briefly 
exhibit, in one view, the proportion of this date 
of the federal expences, in time of peace, which 
ftands thus : 

Dollars. 

i. The expences of Congrefs civil 
eftabliihment for 1786 - . - 446,876 

2« Intereft of Congrefs foreign debt 
for 1786 - 1,7233626 

2,170,502 

Suppofe, the proportion of this ftate one tenth, 
(though in our opinion above it) is 217,050 dollars, 
equal to /8 1,267 : 12 *. 6 current money. This 
fum can only be paid in fpecie. 

3. Intereft of Congrefs domeftic debt for 1786, 
1,606,566 dollars. 

Suppofe the proportion of this ftate one tenth, 
is 160,656 dollars, equal to ^60,6 21 current money. 
Congrefs domeftic debt confifted of continental loan- 
office certificates, of which this ftate has liquidated 
(and funded by the confolidating aft) to the amount 
of £% 0,5 17 : 4 : 9, the annual intereft of which being 
.£4,831 : o : 4, deducted from £60,621, leaves a 

balance 



f 5 ] 

balance of ^55 ,789 : 1 9 : 8, which muft alio be paid 
in fpecie, unlefs this ftate can pay the balance of 
former requisitions, which Congrefs State (on 30th 
June 1786) at 965,851 dollars 3 in which cafe it 
may be difcharged in certificates (called indents) 
granted for intereft due on continental govern- 
mental fecurities. The condition of paying this ba- 
lance of former requisitions, is abfoldtely cut of 
the power of the ftate, and if it was in its power, 
we have no means to procure the continental fe- 
curities. 

4. The proportion of this ftate of the intereft of 
Congrefs foreign and* domeftic debt, is really, and 
muft for ever remain, until we obtain continental 
fecurities, at ^137,057 : 12 : 2 fpecie. 

5. To the civil eilabiiihment of 1786, Congrefs, 
by their requisition of 20th October lafl, have called 
on this ftate to pay, before the 20th June next, 
49,979 dollars, equal to £ 18741 -.2:6. 

6. If this ftate can make no provision for the 
intereft of Congrefs domeftic debt, its proportion of 
Congrefs foreign debt, and civil eftablifhment for 
1786, will amount to £ ico,oo8 : 15 : o fpecie. 

From this ftate it evidently appears, that this 
government ought, if poiilbie, to raife above 
£ 100,000 for Congrefs for the year 1786, and that 
too without the leaft provifion for our proportion of 
the intereft of Congrefs dancfiic debt. 

The annual expences/of our own government 
may be eftimated at £ 16,000 fpecie. It is fup- 

pofed 



[ 6 ] 

pofed that the whole, or the far greater part of our 
ftate debt, is funded by bonds for confifcated Bri- 
tiih property, except a debt we owe Meffieurs 
Vanftaphorft of £ 45,700 : 4 : 7 current money, 
with intereft to ift September, 1786. 

The property in this ftate ajfejfed may be eflimated 
at £ 10,000,000 currency. If the whole demands 
were to be raifed on the aiTeiied property, it 
would require qn every hundred pounds thereof 
about - - 1:3:4 

To this mufl be added the county 
tax, fuppofed - - 5 : o 

X 1 : 8 : 4 

We deliberated whether the fum of £ 116,000 
fpecie could be collected from you in the fpace of 
one year, and whether you could conftantly and 
perpetually pay at leaft that fum annually. 

In the courfe of our inquiry, as to your ability to 
pay fuch an annual perpetual tax, we took a general 
view of the prefent fituation of your trade, and we 
alfo reflected on your private circumftances. 

The imports fmce the peace are great, and & 
very confiderable part of them confifts of luxuries, 
and, from the belt information we could procure, 
may be eflimated at £ 600,000 current money. 

The exports confift wholly of your produce, and 
we ftate them thus : 



25,00a 



[ 7 ] 

255OOO hogfheads of tobacco, at 
£ 15 current money per hogfhead, £37 5,000 : o : o 

700,000 bufhels of wheat, or 
1 40,000 barrels of flour, above con- 
fumption, at 6s. %d. per bufhel, *33>333 6 : 8 

Indian corn and lumber - 30,000 : o : o 

£$3%>333 : 6 : 8 

Thefe exports would require 31 vefTels of the 
burthen of 400 hogfneads of tobacco each, and 3 5 
veiTels of 2000 barrels of flour each, navigated by 
792 feamen and mariners, every verTel making two 
voyages to Europe within the year ; and we have 
not above one-third of that quantity of fnipping or 
mariners belonging to this ftate. 

The debts due by you to Great-Britain before 
the war, we believe may amount to about/ 600,000 
fterling. 

The debts due to Great-Britain fince the peace, 
is fuppofed to be about £ 400,000 fterling. 

The debts due from you, on inter eft, to indivi- 
duals within the ftate, may be eftimated at about 
£ 350,000 current money. 

The debt due from you to the ftate, on bonds 
for confifcated Britilh property, and pledged to 
ftate creditors, is £ 275,600 : 3 : 1. 

The great number of fuits in the general courts, 
and in the feveral county courts, by Bntifh and 
domeftic creditors, for the recovery of very large 

films 



[ 3 ] 

fums of money, convinced us of the inability of 
many of you to fatisfy thefe creditors ; and we know 
that above 800 executions were irTued againft the 
ft ate debtors to the lad general court, to compel 
the payment of the intereft then due to the ftate. 

It appeared to this Houfe, that the arrearages 
of taxes, on the weftern fhore, for 1784, amounted 
to £ 22,495 : 7 : 6, and on the eailern more, for 

1784, to £6,122 : 1 6 : 8 1 ; and that the arrearages 
of taxes on the weftern fhore, for 1785, amounted 
to £ 52,398 : o : 3, and on the eaftern fhore, for 

1785, to ^16,304 : 10 : if. Total of arrearages, 
for 1784 and 1785, £97,320 : 14 : 7. No return 
has been made by the commiffioners of the tax for 

1786, but the amount may be eftimated at 
£ I'oojooo. — The whole of the arrearages of taxes,, 
therefore, now due, are £ 197,320 : 14 : 7. 

It is reprefented to this ftate by the board of 
treafury, in their letter of the 30th November, 
1786, that the furplus of the receipt by Congrefs/ 
from all the fiates, beyond what was neceflary to 
defray die charges of the government, in the courfe 
of two and an half years, that is, from the 31ft 
December, 1783, to the 30th June, 1786, was 
only 39,032 dollars, to be applied towards the dif- 
charge of the fpecie engagements unfatisfied in 1782 
and 1783; and the board obferved, that unlefs the 
feveral fiates adopted, without delay, a more effici- 
ent mode of fupplying the general treafury than 
hitherto adopted, the confederacy of the ftates, on 
a which 



T 9 1 

which their exiftence, as an independent people, 
too probably depended, muft inevitably be diffolved. 

The refult of our opinions on this inquiry was, 
that you could not difcharge your 'private and your 
piblic engagements ; and that you muft neglect your 
private obligations, or your public duty. For if you 
paid your debts, you would thereby be unable to 
difcharge your taxes ; and if you paid your taxes, 
you mull thereby be rendered unable to difcharge 
your debts. Your honour, welfare and fafety, re- 
quired that every exertion fhould be made to fop- 
port the union. We thought it imprudent and 
ufelefs to lay on you further taxes, unlejs fome 
expedient could be devifed to aflift you in the pay- 
ment of them, and alfo in the difcharge of your 
private debts. — In every ftate there ought to be as 
much circulating money as will reprefent all the 
property and labour bought and fold for cam ; and 
the current money of every country ought always to 
be in proportion to its trade, indufcry, confumption, 
alienation and taxes. —If government wants to bor- 
row from, or to increafe the taxes on, its citizens, 
it is neceffary to ufe all poiTibk means to augment 
the quantity of money in circulation, in proportion 
to the fum wanted on loan, or to be raifed by taxes. 
We are convinced that there is not a fofficient 
quantity of circulating fpecie in this ftate to anfwer 
the purpofes of commerce alone, becaufe the chief 
produce of the country, tobacco and wheat, cannot 
command a reafonable and proper price $ becaufe 

B lands, 



I n? 1 

lands, houfes and negroes, will not fell for one half 
their actual value - } and becaufe fpecie cannot be 
borrowed unlefs at an exorbitant premium (from 
ao to 30 per cent.) to carry on trade or manu- 
factures, to build veilels, or to cultivate or improve 
our lands. It is difficult to afcertain the amount of 
fpecie in circulation in this date, and not lefs diffi- 
cult to determine what quantity is neceiTary as a 
medium of commerce. We do not confider the 
trade of the (late, at this time, in a more flourifn- 
ing condition than before the war $ and we do not 
think at any time before that period, that the cir- 
culating fpecie exceeded £ 200,000 the objects of 
commerce far exceeded that fum, and the refidue 
was fupplied by paper money and credit. We 
know that in 1776, above £ 238,000 in bills of 
credit, emitted by the old government, and above 
£ 200,000 iffued by the conventions, were in cir- 
culation, and palTed until Auguft 1776, at par with 
fpecie. From this fad we draw thefe inferences, 
that the trade of this ftate, before the war, required 
z large fum of paper money to fupply the deficiency 
of fpecie ; and if our commerce is nearly the fame 
at this time, as before the war, that even for that 
purpofe the fame quantity of paper may be emitted ; 
and that if taxes increafe the demand, the fum may 
be augmented according to fuch additional demand. 
There are no mines of gold and filver in this ftate, 
and therefore we can only procure thofe metals by 
the export of the produce of our lands, as we have 



no manufactures. The balance of trade being againft 
us, for that caufe we export, and do not import 
fpecie. As there is certainly not a fufficient quan- 
tity of gold and filver for a medium of trade, and for 
the purpoje of taxation, we were of opinion* that a 
part of the Jolid or real property of our citizens, 
equal to the deficiency, might be melted down and 
made to circulate in paper money or bills of credit* 
To explain and familiarize this idea of melting 
down and circulating real property in paper, we 
would fuppofe that the real property belonging to 
the citizens of this ftate is actually worth 1 5,000,000/. 
fpecie, that they owe for the public debt 1,000,000/* 
and the circulating gold and filver is only 200,000/. 
Gold and filver is the common ftandard to meafurc 
the value of all commodities, and are called the 
reprejentatives or figns of wealth : It is evident that 
fifteen millions can difcharge one, but if all thfc 
£ 200,000 could be collected by taxes, there would 
remain a balance of £ 800,000. How fhall this 
balance be paid ? Your property is worth above fif- 
teen times that fum, and yet you muft be infolvent 
as to taxes, if no mode can be devifed to procure 
fome reprefentative of this property, other than 
gold and filver, which from its nature can circulate 
and anfwer in taxes the purpofes of coin. The 
prefTure of taxes, is lefs intolerable from the amount, 
than the fcarcity of a medium in which to pay them. 
Gold and filver is not only the medium of trade, but 
alfo of taxes* We think there is not near enough 

B 2 of 



C 12 J 

of thefe metals for the former 3 and we are confident 
none of them for the latter. Our attention, there- 
fore, has been given to devife fome medium for forces ; 
and none occurs to us fo proper and neceffary as a 
paper money, and we reafoned thus ; if lands, the 
moft permanent and valuable of all property, can 
be mortgaged, and notes, or bills of credit, iffued 
on fuch fecurky, fuch notes, or bills of credit, would 
be the fuhftitute or reprefentative of fuch land, in the 
fame manner as gold and filver is the reprefenta- 
tive of land and all other property ; and thefe notes 
would poiTefs all the qualities of a circulating me- 
dium of trade, as well as coin, and muil have a 
real and intrinfic worth, as long as the lands, on 
which they iffue, retain their value. Gold and 
filver has been called the high way, which carries 
the produce of a country to market. We think, 
in like manner, paper money (if there is not fuf- 
ficient of thofe metals) may be the vehicle to con- 
vey the property of the ftate, by taxes, into the 
public treafury; and, in our opinion, this paper 
money will anfwer that purfofe as well as gold and 
filver. Many of you who owe taxes have real pro- 
perty, but no fpecie j you have land, which is as 
much actual wealth as gold and filver ; you cannot 
pay your land in taxes, or fell it for fpecie, but at 
a lofs of one-third or one half its real worth; if 
you could on a mortgage of part of your land ob- 
tain what would anfwer for taxes, you would readily 
borrow.— We doubt not your inclination to con- 
tribute 



t n 1 

tribute part of your property to fupport the federal 
union, and your own government, if you could be 
furnifhed with the means. 

We have before Hated, that the proportion of 
the annual intereft of Congrefs domeftic debt, (after 
deducting the intereft of the fum liquidated by this 
Hate) amounts to ^50,762 : 17 : nf. It is feif- 
evident, if this government can pay no part of this 
intereft, that it will be impofTible for us ever to 
difcharge the principal, with fuch an annual accu- 
mulating intereft. At this time the final fettle- 
ments, and other fecurities, iiiued by Congrefs, 
bearing intereft, may be purchafed from fix to eight 
for one. It is apparent, that lefs than ^200,000 
fpecie, at this time, (and moft probable for a con- 
fiderable time hence) will purchafe above £ 1 ,000,000 
of liquidated continental fecurities. It appears to 
ns, therefore, prudent and wife to make great ex- 
ertions to procure the means of purchafmg thefe 
fecurities in their depreciated ftate. The govern- 
ments having lands to fell, have procured with them 
great quantities of thefe fecurities; it was one -of the 
great objects of our propofed emifTion, to appljr 
part of the fum received in taxes, or part of the 
fum not circulated on loan, to this purpofe \ if, as 
" we expect, our paper mould maintain its value at 
par with fpecie, or with a very little or trifling dif- 
ference, it might either purchafe thefe fecurities, 
or tobacco or flour, which might be exchanged for 
. them. We alfo expected, that part of the £ 1 00,000 
I not 



t H ] 

not appropriated for loan to individuals, would be 
borrowed by feveral of our counties, for the pur- 
pofe of laying out and making the capital roads, 
by which the produce of the back country is brought 
down, and exported from George- town and Balti- 
more town, a great and neceffary bufinefs, and 
which calls loudly for legiflative affiftance. 

On this review of your circumftances, public 
and private, to enable you to pay fuch taxes as the 
exigencies of the federal union and your own go- 
vernment required, and with a view of furnifhing 
the means to fecure a quantity of continental fecuri- 
ties, we propofed to emit bills of credit to the 
amount of £350,000 current money, and to circu- 
late £250,000, part thereof, on loan at fix per cent, 
intereft, on ample landed fecurity of above double 
the value. — We appropriated £100,000 for loan 
to the inhabitants of the feveral counties, for 30 days 
after the money was ready for loan, (according to 
the property and taxes of each county) the fum to 
the larger! county being £1 1,500, and to the fmalleft 
£1,700. — No loan to be lefs than £50, and not 
more than £500 to the fame perfon. After the ex- 
piration of the 30 days, any money not lent out as 
appropriated, to be lent to any inhabitant of the 
Hate, in fums not lefs than £50, nor more than 
£1000; and not more than £1000 to the fame 
perfon. — If this £100,000 was lent out, fix months 
thereafter, the treafurer was authorized, with the 
approbation of the governor and council, to appro- 
priate 



[ Ij I 

priate and lend out the further fum of £50,000, in 
the fame manner. If this fum was alfo loaned, three 
months thereafter, a further fum of £50,000 might 
be appropriated, with the like approbation, and lent 
out in the fame manner ; if this fum was alfo bor- 
rowed, three months thereafter, a further fum of 
£50,000 might be appropriated, with the like ap- 
probation, and loaned in the fame manner. The 
bill provided, that not more than £200,000 fhould 
be in circulation at the fame time, unlefs the go- 
vernor and council fhould be fully fatisfied, that the 
loaning a further fum would not in any manner 
affect the value of the fum then in circulation. 
The bill directed, that the fix per cent, intereff, 
and one twentieth part of the debt, Ihould be paid 
annually, and that one half of the intereft, and the 
one-twentieth part of the debt, fhould be annually" 
funk, and the other half of the intereft fhould be 
lent. The bill declared, that the emiffion fhould 
not be a tender in law or equity, for any -paft or 
future debt for money, unlefs fo agreed by the par- 
ties i and that the emiffion ihould not continue in 
circulation more than ten years ; the bills of credit 
were to be received in payment of all taxes and 
duties due fince March 1784, or to be impofed 
during the time the faid bills fhall remain in circu- 
lation 1 and in payment of all county affeffments, 
falaries of officers of government, officers and at- 
tornies fees, &c. &c. but not in payment of five 
per cent, duties when impofed by Congreis, — This 

b 



If 4 if 

is the fubftance of the biU; further particulars are 
eontained in the abftract we directed to be pub- : 
lifhed for your information. 

By" this fcheme, not more than £250,000 could 
be put into circulation in the fpace of 1 2 months ; 
and a debtor for £100, (if he paid his intereft and 
one-twentieth part of his debt annually) at the ex- 
piration of nine years, would pay £36 : 19:6, and 
he would owe the ftate £63:0:6, By this plan, if 
1 £100 is lent, and one-twentieth part thereof and fix 
per cent, is paid, annually, and the one-twentieth, 
and one-half the intereft, is funk annually, at the 
expiration of nine years, the one-twentieth will bring 
into the treafury £41:11:3; the fix per cent, will 
bring in £49 -.17:5; there will be funk £66 : 10: of: 
of the principal; there will remain in circulation 
only £33 : 9 : 1 if ; there will be £91 : 8 : 8 principal 
and intereft paid in ; there will be due to the ftate, 
with the accumulated intereft, £83:7:51; and the 
ftate will gain £49 : 17 : 6 ; and if the debtor and 
his fecurities fhouldall prove to be worth nothing, 
the ftate could lofe only £8 : 1 1 : 4 of the original 
fum of £100. This v/ill appear by the paper an- 
nexed, No. 1.— The paper annexed, No. 2, will 
alfb fhew a true ftate of the emiffion of £250,000, 
agreeably to the plan of our bill, the fum funk and 
in circulation, every year, and the profit to govern- 
ment. 

This Houfe intended to fufpend the collection 
of the arrearages of taxes (before ftated to be 



[ if 3 

£i^y,3 10 *4 '• 7) unt ^ ;£ 100,000 of the emiffion 
could be fully in circulation, on loan, in every part 
of the ftatej and at no time would the paper money 
in circulation be equal to the amount of the taxes. 
We alib intended to impofe on you, for the fup- 
plies of 1787, a tax not exceeding 30/0 for every 
hundred pounds worth of your property, and to 
continue the fame for feveral years ; and to enable 
you to pay this tax, we intended, by purchafing 
your produce, to circulate among you the amount, 
or nearly the amount of the taxes, after paying the 
expences of this government. We hoped and ex- 
pected, that you would readily fubmit to this tax- 
ation, and cheerfully exert yourfelves to pay it, 
when furnifhed, in great meafure, with the means, 
and when you mud clearly fee, that by futh exertion 
you would relieve yourfelves from a perpetual bur- 
then, or a continental bankruptcy. 

You will difcover, from a deliberate attention to 
your affairs, that you are in a moil critical and 
dangerous fituation, and that fome expedient ought 
to be immediately adopted, that affords fome prof- 
peel: of relief. If we remain inactive, and neglect 
to take decifive meafures, certain political ruin mull 
foon follow. No mode occurred to us fo proper 
as an emiffion of paper money, and you will fee, 
that the fcheme has only a great national object in 
view, and has no relation to private perfons, debtor 
or creditor ; nor can it, in any manner, affect pri- 
vate dealing*, The emiffion pairing at par with 

C coin* 



C is 3 

coin, will be received by creditors in general ; an$ 
will alfo anfwer all the purpofes of domeftic com- 
merce. We think the emiffion will not depreciate, 
becaufe the paper is circulated on a pledge above 
twice its value* and therefore the borrower will not 
part with it under its nominal worth ; and becaufe 
the value of all commodities, even of gold and 
filver, depends on the quantity and uje or demand 
for them. We are of opinion, that if any govern- 
ment fhould direct its taxes to be paid in paper 
money, it would thereby acquire a certain value, 
even though the term of its final redemption mould 
depend altogether upon the pleafure of the govern- 
ment; if ififued on private fecurity 3 and receivable 
in taxes, it may add to its value in the opinion of 
the public. By the plan, the ufes created for the 
paper exceed the quantity in circulation, and the 
taxes alone can eafily employ and abforb the whole ; 
and the fi|m annually decreafes very confiderably, 
by the finking annually one-twentieth of the capital 
and one half of the inter eft, 

The fenate have differed in fentiment from us, 
and are opppfed to any emiflion on loan. They 
have fubrnitted the reafpns for their opinion to your 
consideration., as we now fubmit ours, and you 
will give them fuch weight as you think they de- 
ferve. It appears to us, that the fenate have af- 
figned but one objection to an emiffion of paper 
money on loan> to wit, that it will depreciate: 
They have enumerated a great number of caufes 

in 



[ IS ] 

in fupport of their opinion, but it carl only be a 
matter of judgment, to be determined by the 
event after trial. It is very clear to us, that if 
the money fhould depreciate, it cannot, in any 
manner, injure individuals $ and we are not able 
to difcover how the depreciation fuppofed (fay fives 
ten, fifteen, or even twenty per cent, for argument 
fake) can injure our government. Let it be ad- 
miited) that £100,000 brought into the treafury 
by taxesj mould purchafe tobacco and flour only 
worth £80,000 in gold and filver, this deficiency 
muft be made up by a further tax, but the ftate 
will neither be richer or poorer. Suppofe a man 
owes two filver dollars for his tax, for which he muft 
give three bufhels of wheat, if no paper money; 
but if there is, he can procure tv/o paper dollars 
foi»two bufhels of wheat will he increafe or dimi- 
nifh his property by this circumftance ? Why mould 
paper money in this ftate depreciate more than in 
New- York or Pennfylvania, if emitted on as good 
a plan as in thofe ftates ? In New- York the paper 
is iflued on loan> on land Jecurity^ and it paffes at par 
with gold and filver, unlefs for the purchafe of 
thefe metals for exportation, when the difference 
is two and a half per cent. In Pennfylvania their 
paper is iflued for taxes > and pafles current, ex- 
cept in the purchafe of fpecie, in which cafe a dif- 
ference is made from five to ten per cent. Both 
thefe governments are acknowledged to be in the 
moil flourifhing circumftanees as to trade and 
C % wealth, 



C aq ] 

wealth, and the mod happy confequences have Plow- 
ed from their paper emiffions, both to the public 
and the individual. 

It is objected by the fenate, that our bill takes 
away the fpecie tax of ios. which was applied to 
the ufe of congrefs, and alfo the fupplies of fpecie 
arifing from duties, two- thirds of which were ap- 
propriated to congrefs. 

We admit, that our bill directed the emiflion t6 
be taken in payment of the faid tax, and of the 
faid duties and in reply to thefe objections, and 
to all the arguments ufed to fhew that a paper 
emiflion will deprive congrefs, and. this ftate r of 
fpecie fupplies, we obferve, that the fyftem of 
taxation which we have hitherto adopted, is declared 
by congrefs to be totally ineffectual, and, if purfued, 
muft endanger the exiftence of the confederation. 
This Hate, on examination and inquiry, is found, 
on the fyftem hitherto purfued, among the mod 
deficient in complying with the requifition of con- 
grefs. Although the paper emiflion was made re- 
ceivable for taxes in all cafes, yet in all probability 
a confiderable fum would be neceflarily paid in gold 
and filver, becaufe the demand of money for taxes 
and duties for fees of office, fines, forfeitures, and 
licences, exceeds the quantity of paper which will 
be in circulation at any one time. And with the 
paper thus paid for taxes, under the management 
of a proper revenue officer, the produce of our 
country might be purchafed up, and fupplies pro- 

6 cured - 



[ 21 ] 

cured of gold and filver treble the fums produced 
by our former fyftems of taxes and duties. 

It is objected alfo by the fenate, that our bill in- 
troduces a tax of paper money for ten years, and 
fufpends all taxes in fpecie for that period. This 
is a very miftaken conftruction of our bill. The 
emiflion is receivable in all taxes, and when re- 
ceived it lies in the treafury fubject to the difpofi- 
tion of the general aflembly. From the exprefs 
terms and provifions therefore of the bill, the cir- 
culation may ceafe at any period the general af- 
fembly fhall think proper. The fenate in their 
meflage exprefs their defire of an emiflion for the 
purpofe only of purchafmg liquidated continental 
fecurities. This propofal from the fenate we could 
neither agree to, nor confer on, without giving up 
the privilege of originating ail money matters, 
which privilege is granted to, and exclufively vefted 
in us by the conftitution. We have already ex- 
plained that one of the principal objects of the emif> 
fion propofed by us was, to obtain the means of 
procuring thefe continental fecurities. There is 
this manifeft difference between the emiflion pro- 
pofed by us, and that propofed by the fenate. By 
our plan the money was firft to circulate on loan, 
and every man, having land in fee, would have 
an opportunity of borrowing. By the propofal of 
the fenate, the money was only to be taken out by 
the holders of the continental depreciated fecurities, 
and every perfon wanting this money for taxes, 

could 



! [ * ] 

Could only borrow from them. Every objection 
from depreciation applies with greater force to an 
emiffion only to redeem final fettlements, than to 
an emiffion to anfwer all the purpofes of taxation, 
and the payment of officers and lawyers fees, which 
alone would require a great part of the fum in cir- 
culation. It appeared to us, that acceding to the 
fcheme of emiffion to purchafe final fettlements, 
though it might greatly benefk the adventurers in 
thefe fecurities, would not anfwer any great public 
purpofe, and if it could, that it might be better 
effected by the emiffion on our plan ; and it alfo 
appeared to us, that if we agreed to this fcheme, 
it would effectually prevent an emiffion on loan for 
feveral years. 

Having thus devifed a fyfem to relieve you in 
the payment of your taxes, and by the faid fyflem 
opened a loan-office, as the beft means in our 
power to enable the induflrious and enterprifing to 
purfue their labours with fpirit, vigour and effect, 
we turned our attention to the fituation and cir- 
cumftances of debtors. The plan on which the 
paper emiffion was propofed to be ifTued, left it 
optional with the creditor to take or refufe it ; there 
was no legal obligation or force to take it on the 
principle of a tender for private debts : It was there- 
fore eventual only, that this emiffion would afford 
any relief at all to the debtor ; if happily it did 
not depreciate, the creditor no doubt would then 

take 



t *3 1 

take it, and confequently the debtor would thereby 
be relieved. 

But the combined preffbre of debts and taxes 
bore fo hard upon the debtor, that we conceived 
fome fure and certain relief ought, if poifible, to 
be devifed and adopted. Our courts of juftice, it 
appeared, were filled with lawfu its, and it was ge- 
nerally admitted that there was not enough of gold 
and filver to pay taxes, much lefs to pay both taxes 
and private debts. In deliberating on the fobjecl 
we found it both delicate and difficult. While we 
felt a real concern for the debtor, whofe diftrefe 
was in many inftances occaiioned by the calamities 
of the late war, and heightened immediately on 
the peace by the neceffary impofition of heavy taxes, 
to pay off the national debt contracted during the 
war, we could not but be fenfible at the fame time 
of the critical fituation of the creditor, whofe en- 
gagements and profpedh might be defeated by a 
fufpenfiQn of debts. The treaty too was a circum- 
ftance which very much embarrafled and perplexed 
us. 

On a review of our laws as to the legal remedy 
the creditor had againft the debtor, we found he had 
his election to take the body of his debtor, or his 
lands, goods and chattels. If he took his execu- 
tion againft the property of the debtor, the law 
authorized an appraifement of it on oath, and 
obliged him to take die property at fuch appraife- 
ment, but the election as to fpecies of property was 

givep 



[ 24 ] 

given to the creditor. The law, which made this 
proviiion on execution againft the goods and chat^ 
tels of the debtor, was an act paffed in 171 6 under 
the old government, and by the ftatute of fifth of 
George the fecond, extended here, and adopted 
before the revolution, lands were put on the footing 
of goods and chattels as to executions for debts. 

On this review we conceived, that if executions 
againft the body could be fufpended for a time, and 
the creditor obliged to take fubftantial property for 
his debt at its a6bual worthy a relief would be given 
to the debtor, and as much attention preferved to 
the creditor and treaty as circumftances and the 
neceffity of the cafe would admit. It appeared to 
us , that in moil: cafes the debtor had enough of 
folid property to pay his debts, his diftreftes and 
difficulties arofe from the acknowledged fcarcity of 
gold and filver, and the impracticability of com- 
manding it on a public fale of his property in any 
proportion to its real worth, and in fuch cafes the 
creditor to avoid the taking of property under the 
act of 1716, took out execution againft the perfon 
of the debtor, and locked him up in a gaol ; the 
debtor, to relieve himfeif from the diftreffes, horrors 
and calamities of imprifonment, had no other 
means left but by a public fale of his property for 
gold and filver. 

As the difficulties of the debtor arofe principally 
from the prefent fcarcity of gold and filver, and not 
from a want of fufficient property of the debtor, we 



[ 25 ] 

framed a bill fuited to the neceffity of our affairs, 
giving it a duration only of one year. 

By this bill, to the abftracts of which we refer 
you, the debtor in all cafes may, on execution 
IfTLied agamft him, difcharge the fame by property 
to be valued by fvorn appraiiers : But left fuch 
property might prove no fatisfaction to the creditor 
from any particular circumftances he might be tut* 
der5 the bill provided, that on all judgments, 
whether upon actions brought, or hereafter to be 
brought, if the creditor mall forbear to fue out 
execution, the debtor mall forbear to difcharge the 
debt by property. 

This bill is a fyftem not adopted of choice ; it is 
not devifed as a fit or proper fyftem for a permanent 
adminiftration of juftice, between creditor and 
debtor ; we do not approve of it as fuch, or bring 
it forward to your view to be conddered in that point 
of light. Such a fyftem permanently eftablimed, 
would never fuit a commercial country, nor operate 
either as an effectual or perfect adminiftradon of 
juftice. W e have adopted it on the principles only 
of neceffity, refulting from the prefent embarraffed 
circumftances of the people, occaMoned by the 
fcarcity of gold and fiiver. It is a fyftem merely 
calculated to meet the difficulties of the prefent 
times, and its duration was therefore temporary and 
limited to one year only, Considered on this 
ground, we truft it will meet with your approbation. 
But this bill alio was rejected by the fenate: 

D The 



[ 26 ] 

The Appeal of the fenate, and of this houfe is 
now made to you as to the propriety and necefiity 
of an emiffion of paper money circulated on loan, for 
the purpofe of enabling you to pay the heavy but necej- 
jary taxes for the Jupport of your own and the federal 
government and we wiiri you to exprefs your fenti- 
ments to both branches of your legiflature. Under 
the prefent circumftances of our trade, and the 
heavy incumbrance of your debts to the ftate and 
individuals, we are of opinion., that you cannot an- 
nually pay, and that too conftantly and perpetually, 
the fum of £1x6,000 in gold and filver. As the 
impoiing taxes on you mufl always originate in this 
houfe, we were apprehenfive if we laid fuch heavy 
taxes on you, payable only- in gold and filver, which 
we think is very fcarce, and bears no proportion to 
the amount of the taxes, that you would compare 
us to the Egyptian tafk-mafters who compelled the 
Ifraelites to make bricks without ftraw. If you 
entertain a different opinion from us, and think 
you can pay the neceiTary taxes in gold and fiver, be 
pleafed to fignify your pleafure, and we will im- 
mediately proceed to pafs laws for the collecting 
the fums neceiTary for the fupport of this govern- 
ment, and alfo to defray your proportion of the 
charges of the federal union* 

Signed by order of the Houfe of Delegates^ 

Thomas Cockey Deye* Speaker* 



PAPER 



L 



00 t^- t^> t> t*» vo 



I 
O °^ 



h o O O O OiChC^tJ 1 1 



O 00 v-it^oo t-H 

o 00 vis r*-N o 2? ^ Jf 1 
o «?» a* a% en 00 cxs co 



C 23 ] 



O 

o o 

o <*■ 
o o 

<rO Hi 

C 



COO t"» — N VO 



pi w O c» co r-> 
C7\vO H «c$- p» »£> -cj- 
- co c*.oo ih t-~ r- 

>~ pj co LO00 O "0 

cr> co - O oo 



c .2 
El 



©OO «Jv««oo O O 
O O O vo r-oo vo O v> 



O O oo to t--oo o cs io 

O ^3 MM ^i-O r-roO 

O cx> c^oo oo oo r-« r-~ 



o el 

colo 



M t - 
vo co 



<-> «J 



Oh 



o o 

OOO vr>t?vi> cJoo cn 

oowcjiot^OcoLy-, 
O >jo - oo ^-o lovo p- 

vo Q> ^J-OO COOO (OOO CO 

t-.VO.vJ5 ifl <t * M 



OOO 


[s. IA H ^ \c 


O o c 


l> O d r-^oo 


o o vr> 

OOO 
O r» 

^- •^J- 
H M M 


<-^co r-- f w 

M co looO N ^ 
v*4 OO lAf) o t~> 
^. M to M rl 
M m w « w 


cent. 




« 








ooo 


OOO toco 


o o o 


oo fl O O H O 



O C + o <r> ^ 

vo m o r^'^^» oc 

2 « Ij h H M H ' 

o 



° 2 

OOO 



O O -4- 



OCocrtOO'-'O 

O O CTn e*o° co o> 

Q w ri lo <T> -i" O vQ 

o ly O ^ r - t) 

^ ^ ini rt c> >i w 
r« rt ti tl t» «» e» 



Cu 



£5 <u 



.3 



O OG 

CI rj- 
O N 



o ci o 

VD f^oO 
CO ,-i.OO 

OO co 

S2 



*"* o 

Cu-cJ 
« 3 



J o 
c * J 
CJ Jo 
v. 

Cu u 
> — < 







5* 


LO 


c e 


3 u 




"5 a 


^ w 


ON 


■£ 




LO 

oo 

cJ 




Si 

J2 cu 






*j O 




■II ' 

« ^ 


per 






c « 






oo , h0 

•~ "S 




•£ " ^ 


plan 
uced 




** ro oj 


T3 "O 



■5 ^ 

o >« 

5 « 

^ Z 

.2 oj 

c 

C5 O 
Ul 

bkOOn 
C 
•-• fU 

~ J3 
1-5 r 4 



< 



!:: 



NEW BOOKS printed for JOHN STOCK- 
DALE, Piccadilly. 



A N ESTIMATE of the Comparative Strencth 
I\ of GREAT BRITAIN, during the prefent and four 
preceding Reigns; and of the Loffes of her Trade- from 
every War lince the Revolution. New modelled and conti- 
nued to 1785, By George Chalmers, Efqr Price 3s. 6d. 
fewed, or 5s. Calf, lettered. 

The DEBATES of the LORDS and COMMONS, 
during the Fourth Semon of the sixteenth Parliament of 
Great Britain. Elegantly printed in Three Volumes, Octavo. 
Price il. is. half bound and lettered. 

Alfo the DEBATES of the Firft, Second, and Third Sef- 
fions, Three Volumes each Set. Price il. is. 

And the DEBATES of the Laft Seffion of the late Parlia- 
ment, in Six Volumes, O&avo. Price il. us. 6d. half 
bound and lettered. 

A COLLECTION of ORIGINAL ROYAL LETTERS, 
written by King Charles the Firft and Second, King James 
the Second, and the King and Queen of Bohemia. Toge- 
ther with ORIGINAL LETTERS, written by Prince Ru- 
pert, Charles Louis Count Palatine, the Duchefs of Hanover, 
and feveral other diftinguifned Perfons, from the Year 1619 
to 1665. Dedicated with Permiffion to his Majefty. By 
Sir George Bromley, Bart. (Ornamented with elegant 
Engravings, from original Paintings by Cooper, Sir Peter 
Lely, &c. executed by Meffrs. Sherwins, of the Queen of 
Bohemia, Emanuel Scrope Howe, Prince Rupert, and Ru- 
perta, natural Daughter of Prince Rupert; and a Plate of 
Autographs and Seals.) in One Volume, Price 10s. 6d. in 
Boards. 

NOTES on the STATE of VIRGINIA, By his Ex- 
cellency Thomas Jefferson, Minifter Plenipotentiary from 
the United States to the Court of France. In One Volume, 
Octavo, Price 7s. in Boards, iiluftrated with a large Map, 
comprehending the whole of Virginia, Maryland, Delaware, 
2nd Penfylvania, with Parts of feveral other of the United 
States of America. 

The HISTORY of NEW HOLLAND, from its 
firft Difcovery in 16 16, to the prefent Time. To which is 
prefixed, An Introductory Diicourfe on Banilhment,, By the 

Eight 



BOOKS printed for JOHN STOCKDALE. 



Right Hon. William Eden. Illuftrated with a Map of 
New Holland, a Chart of Botany Bay, and a general Chart 
from England to Botany B*y. Price 6s. in Boards. 

An ESSAY, containing Strictures on the Union of 
Scotland wii.h England, and cn the prefent Situation of Ire- 
land ; being an Introduction to De Foe's Hiftory of the 
Union. By j. L. De Lolme, Adv. Price 33. 6d. fewed, 
containing 95 Pages in Quarto, 

The HISTORY of the UNION between ENGLAND 
and SCOTLAND ; with a Collection of Original Papers 
relating thereto. By the celebrated DAN ILL DE FOE. 
With the above Introduction, in which the Confequences and 
Probability of a like Union between this Country a id Ireland 
are considered, by JOHN LEWiS DE LOLME, Author of 
the Work on the Conftitution of England. To which is 
prefixed a LIFE of the AUTHOR, and a copious INDEX. 
In one large Volume Quarto, containing One Thoufand 
Pages, Price il. 10s. in Boards. 

The BEAUTIES of the BRITISH SENATE; taken 
from the Debates of the Lords and Commons, from the Be- 
ginning of the Adminiftration of Sir Robert Walpole, to the 
End of the Second Seffion of the Right Hon. William Pitt. 
Being an impartial Selection of, or faithful Extracts from, 
the mo ft eminent Speeches, delivered in the Courfe of a moft 
important and truly interefting Period of more than fixty 
Years, feveratly arranged under their reflective Heads, with 
the Names of the Members, to whom they are afcribed, an- 
nexed thereto. To which is prefixed, The Life of Sir Ro- 
bertWalpole. In Two Volumes, Ocl:avo. Price 10s. 6d. 
in Boards, or 12s. bound in Calf and lettered. 

HISTORICAL TRACTS. By Sir John Davies, 
Attorney- General, and Speaker of the Houfe of Commons 
in Ireland; confuting of, 1. A Difcovery of the true Caufe 
why Ireland was never brought under Obedience of the 
Crown of England. 2. A Letter to the Earl of Salifnury, 
on the State of Jreland in 1607. 3. A Letter to the Earl of 
Salifbury in 1610, giving an Account of the Plantation in 
Ulfter. 4. A Speech to the*' Lord Deputy in 161 3, tracing 
the ancient Constitution of Ireland. To which is prefixed, a 
new Life of the Author, from authentic Documents. In 
One Volume Octavo, Price 53. in Boards, or 6s. in Calf, 
and lettered. 

A 



L 



BOOKS printed by JOHN STOCKDALE. 



A BRIEF ESSAY on the ADVANTAGES and DIS- 
ADVANTAGES which refpectively attend France and 
Great-Britain with regard to Trade. By Joliah Tucker, 
D.D. Dean of Gloucerter. Price 2s. 

POEMS on VARIOUS SUBJECTS, By Henry Jamea 
Pye, Efq; M. P. Elegantly printed in Two Vo'umes, 8vo. 
and embellifhed with beautiful Frontifpieces, Price 12s. in 
Boards. 

STOCKD ALE's EDITION of SHAKESPEARE; in- 
cluding, in One Volume, 8vo. the whole of his DRA- 
MATIC WORKS; with Explanatory Notes, compiled from 
various Commentators. To which are prefixed his Life and 
Will. Price only 15s. 

And the WORKS of Dr. SAMUEL JOHNSON, in 13 
Vols. Price 3I. iSs. in Boards, or elegantly Calf, gilt, 4I. 
17s, 6d. The 12th and 13th Volumes may be had feparate. 
Price 12s. in Boards. 

N. B. The 14th Volume of the above Works is in the 
Prefs, and will be published in a few Days. 

The HISTORY of SANDFORD and MERTON : A 
work intended for the Ufe of Children. Embellifhed with 
beautiful Frontifpieces, in 2 vols, price 6s. 6d. bound. 

Captain COOK's THIRD and LAST VOYAGE to 
the PACIFICK OCEAN, in the years 1776, 1777, 1778, 
1779, anc * '780. Faithfully abridged from the quarto edi- 
tion, publilhed by order of his Majefty ; illuftrated with 
copper-plates. Price 4s. bound. 

A COMPLETE GEOGRAPHICAL DICTIONARY, 
or UNIVERSAL GAZETTEER, of Ancient and Mo- 
dern Geography, containing a full, particular, and accurate 
Defcription of the known World, in Europe, Alia, Africa, 
aud America; compriling a complete fyftem of geography, 
ill unrated with correct, maps and beautiful views of the prin- 
cipal cities, &c. and chronological tables of the Sovereigns 
of Europe. The geographical parts by John Seally, A. M. 
Member of the Roman Academy ; author of the Kiftoire 
Chronologique, facree et profane ; Elements of Geography 
and Aftronemy, ,&c. &c. interiperfed with extracts from the 
private manuscripts of one of the officers who accompanied 
Captain Cook in his voyage to the Southern Hemilphere. 
The altronomical parts from the papers of the late Mr. Ifrael 

Lyons, 



BOOKS printed by JOHN STOCKDALE. 



Lyons, of Cambridge, aftronomer in Lord Mulgrave's voy- 
age to the Northern Hemifphere. In two large volumes, 
4to. elegantly bound in calf, gilt, and lettered. Pries 2 L 
2s. or ih us. 6d. in boards. 

ARTICLES of CHARGE of HIGH CRIMES and 
MISDEMEANORS againft Warren Haftings, r-fq; pre. 
lented to the Houfe of Commons by the Right Hon. Kd~ 
mund Burke. In one large vol. 8vo. Price 75. in boards. 

The DEFENCE of WARREN HASTINGS, Efq; 
(late Governor General of Bengal,) at the bar of the Houfe 
of Commons, upon the matter of the f'everal Charges of 
High Crimes and Mifdemeanors, prefented againlt him in 
the year 1786. In one vol. 8vo. Price 5s. in boards. 

MINUTES of the EVIDENCE before the HOUSE of 
COMMONS, relative to the Charges brought againft War- 
ren Haftings, Efq. In one volume. Price 5s. in boards. 

The CONSTITUTIONS of the feveral INDEPEN- 
DENT STATES of AMERICA ; with a Preface and De- 
dication to the Duke of Portland. By the Rev. William 
Jackfon. In one vol. 8vo. Price 6s. in boards. 

The HISTORY of the REVOLUTION of SOUTH 
CAROLINA, from a Britifh Province to an Independent 
State. By David Ram fay, M. D. Ornamented with maps 
and charts. In two vols. 8vo. Price 12s, in boards.; 



AUG 5 l 912 




* 




0006 043 479 7 



9 



